Monthly Archives: July 2015

Today, apartment 10C, a south facing 2bd/2ba in 400 Central Park west sold for $1.688 million. The apartment had bright southern exposures as well a western exposure. The monthly charges of taxes and common charges totalled roughly $1300. Park West Village is a cluster of 7 buildings – 4 of which are condos and 3 remain rentals. The condos are located at 372,382,392 and 400 CPW. 400 CPW just like the other buildings has 19 floors, a concierge, gym, childrens’ playroom, laundry room and a parking lot.

Kitchen looking towards the dining area

400 Central Park west is a postwar condo, located on the corner of 100 street and Central Park on Manhattan’s Upper west, and features studios to 2bd/2ba with some combination units being even larger. There are roughly 414 apartments and yet there is only one apartment available for sale which is a studio that is rented and being offered with the market rate tenant to potential investors. There aren’t any other 2 bedroom/2bath apartments available right now in 400 CPW.

The former home of the dive bar- Subway Inn is reportedly in contract according to Bloomberg, for $300 million. Kuafu Properties LLC will close on the purchase from the World Wide Group in October. They plan to add about 60k sqft of retail space in a ground-up project. The same New York based Chinese firm has also purchased One MIMA Tower, a luxury rental on West 42nd street which it will convert to condos. They are also the purchasers behind the property at East 86th street and Lexington avenue which currently houses a NYSC.

What is widely considered the oldest house in Harlem has sold for $3.6 million to Jack Stephenson who will lease it to a friend who will use it as a practice facility for musician. The famed opera singer Lauren Flanagan will operate the not-for-profit Music & Mentoring House at the location. The house is a clapboard house, landmarked in 1982, and believed to have been built in 1864. This sale while not a record, is one of the most expensive residential sales in Harlem to date. See NYDN.

Due to a dearth of inventory in Harlem,prices have continued to rise for townhouses. Recently, our brokerage went to contract on 517 W 179 street and 522 W 142 street. 522 W 142 street was an SRO in shell condition that went over the asking price of $1.3 million. It will be conveyed without the certificate of no harassment which is needed before a purchaser can get their building permits. Interest was instense and it went to a CASH purchaser. Similar SROs are trying to push even higher than $1.5 million depending on width and condition of the building.

According to NYPost, many renters as well as purchasers priced out of not only Manhattan but also LIC, and Williamsburg have turned their attention to Roosevelt Island. Known for slower moving traffic, Manhattan views and green space, rentals can be had for about a 30% discount compared to Manhattan according to Brokers. Additionally, there is a co-op conversion (Island House) of a rental building that saw 100 visitors to their opening day. Two 3 bedroom duplexes which monthly maintenance of under $1800 are already spoken for at this time. There were asking just north of $1 million. Island House listings

Cornell’s $2B tech campus is already in the construction phase and if all that wasn’t enough, Starbucks has opened an outpost on the Island. A short tram ride over the East River or one stop on the F train awaits commuters who are much closer to Midtown than parts of Upper Manhattan or even parts of LIC and Williamsburg.

What’s your opinion? Is now the time to get something here before the prices rise like it did in LIC?

I am not sure why but it seems to be every Manhattanites’ (myself included)dream to buy their neighbor’s apartment and combine the two. According to NYTimes, there may be some basic considerations to mull over. I would add that it’s a good idea to do an analysis with the costs to combine of your contractor/architect and see if it might not make more sense to just sell your current Manhattan pad and buy a bigger apartment given the inconvenience of either moving out or living through construction.

According to DNAinfo, the 30 story building at 70 West 93 street is planning to add 5 stores at the lobby level. This building is a rental building owned by Stellar Management and has a mix or free market and rent-stabilized apartments as well as an assisted living community. Four of the stores will have Columbus avenue entrances. Community Board 7 has an advisory role in reviewing the designs but City Planning needs to review the designs.

For many first time buyers of NYC co-ops, it can be an education to really understand what it means to buy as well as live in a NYC co-op. Here are some examples of differences between a co-op and condos which are closer to what most buyers are familiar.

1- Co-ops limit financing typically to 80% of the value of the property. So if you purcharse a co-op for $1million you can normally finance only $800k. Some co-ops will allow even less financing or no financing at all as is the case on some select buildings on Fifth avenue on Manhattan’s upper east side. Condos in some cases will allow as much as 90% loan to value. So a $1million condo can be purchased in some cases with as little as $100k down.

Citibike has finalized the locations of new bike stations for Manhattan’s Upper West side. Not too much has changed according to DNAinfo from their proposed plans submitted for public feedback. One station that was slated for 100 street west of Columbus avenue was moved to east of Columbus on the northern side of the street. There will be several stations along Central Park west including one of the western side of CPW on the sidewalk between 97-100 street adjacent to Park West Village.

Initially, the stations were expected late summer but now it appears they will be installed by early 2016. Click here for the map of the stations.

On the Upper west side we have southbound protected bike lane on Columbus avenue but with Citi Bike set to install new stations throughout the UWS, more bike lanes are needed. According to DNAinfo, Community Board 7 voted in favor of pushing the DOT to create a northbound bike lane preferably on Amsterdam avenue. Opinions are mixed as to if Amsterdam avenue could afford to lose a lane of traffic.